Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-04-12
TUESDAY. .........APRIL II, 1887
The Debt.

pose on the part of the bondholders
not TO agree to any settlement which
the people Of this State would ratify.
We suspect that the Times is not as
well informed in the premises as we
here in Richmond are. Here is an OK
tract from its article:
"The obvious intention OF the reso-
lutions adopted by the bondholders on
September oath last was neither to re-
ouire the State OF Virginia to pay more
than she conld afford, norto be satisfied
with less. Moreover, as we read the
committees telegram to Governor Lee,
there is no intention of entering upon
n conference with the representatives OF
the State until not only the Legislature
shall have authorized the Executive to
conclude an arrangement on the basis
of the available revenue, but also until
such available revenue shall have been
satisfactorily determined. If, there
fore, the committee is to enter upon
any conference with reasonable pros
pect of success, o preliminary investi-
cation at the hands OF independent ex-
perts must be undertaken, and sutfi-
cient time must be allowed for it to be
carried through"
If that paragraph correctly repre-
sents the intentions of the bondhold-
ers. they are still in the dark as to the
fixed purpose of the people of Virginia
not to make any settlement which has
the feature of indehniteness. They
wish to know not only the rate OF inter
est which the creditors propose, but
the exact amount of principal. and
they do not intend to let any
council of foreign bondholders, nor any
other body or set of men dictate to
them the amount of revenue which Is
annually to be appropriated by the
State government to State purposes. 1t
would be to abdicate the functions OF
government, and degrade the Common
wealth. for her authorities to stipulate
that she should annually use so much
and no more money to pay her ex-
penses. and that she should never here
after appropriate million of dollars,
nor even a hundred thousand, to build,
say, new capitol.
We make these plain declarations be-
cause we are sincerely DESTROYS, nay,
anxious, that the public debt shall be
settled, and know that the people are
determined ia agree to no Illuminating
terms-none that will pledge the Com
monwealth not to expend any more than
SO many dollars year We concede
that the creditors ought to be Informed
fully as to the condition of the State,
but we do not concede that they are to
have any voice in fixing the amount of
the appropriations to be made every
year.
In word. the creditors must pro-
DOSE rate Of interest and principal
which they are willing to accept. Then
our commission viii have something
which they viii be justified in consider
ing. The objections which we here re-
peat are the same we have over and
over again made to the town-meeting
resolutions of September last. We do
not suppose the Times speaks for the
bondholders. Mr.. RoYALL does, and
we are confident that he is DESTROYS of
settling the State debt, and would re-
commend no terms which he consid-
cred humiliating to his mother State.
The same article in the Times from
which we quote the above has the fol-
lowing:
"The Virginia committee, in view OF
the probability of an early settlement
of the State OF Virginia with her credi-
tors. call the attention of holders OF
scongol and 'ten-forty bonds to the
necessity of depositing their bonds
without delay with Messrs. Martin d
Co, in terms of the circular of the
committee of December 18th last, in
order to participate therein"
That paragraph reads as if there
we're good spirit prevailing among the
bondholders. So does the following,
also from the same article:
"Messrs. Andrew Timbrell & Co.
inform us that, as solicitors for sub
scribers to debentures OF the Delagoa
Bay and East African railway 0imited),
having carefully considered the pros
pcctus of the company and the circum-
stances under which their clients were
induced to subscribe, they have deemed
il expedient to take counsels' opinion
as TO the legal position OF the sub
scribes. Before taking proceedings
Il has been considered advisable to con
yene a meeting OF the subscribers to
discuss and determine the course to be
pursued, and meeting having that OBJ
iect will therefore be held at the Can
non-Strest Hotel ON Thursday next al
3P. NJ"
That meeting was held on the 3ls
March. We take it for granted, there
fore, that the committee comes witt
the full consent OF even those creditors
All these facts make il plain that Vir
ginia did right 10 constitute commits
sion to confer with her creditors. Sh,
would have been greatly censured il sh'
had refused TO confer with them. w
shall continue 10 hope for final settle
ment until oil reason for hope has beef
lost.
P.S. Since writing the above W
have seen cable dispatch TO Goverro
Lee from Mr. BoUyERm stating ths
Sir Toward THORNTON viii sail on ia
Eutruria next Saturday daily accredite'
by tho Council Of Foreign Bondholder
70 meet tho debt commission appoints
BY the Legislature. The presumption
e thst others viii come with Sir En
xAxD TnoBsrox, on that be win b
sHooeiaked With pessons already hare !
& (rronlIng the ipreien holders q "